Power generation & grids · Gas turbines
GE Vernova
A power and grid company spun from GE. A direct beneficiary of surging AI-datacenter power demand, with gas-turbine and grid orders soaring. Datacenter-specific deals include 29 LM2500XPRESS turbines to Crusoe. ~$44.6B revenue expected in 2026; Electrification backlog ~$45.3B. At the very bottom of the chain: generation and transmission.
GEV Updated Sep 11, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, GE Vernova is directly linked to 10 companies (2 supply, 8 revenue relationships) and reaches 53 companies within two hops; the links are backed by 14 dated sources, 4 of them primary filings (as of 2026-09-11).
Annual return · 2026-09-04'25+99%YTD+44.4%
Money in ▸AI data centers · utilities (power generation & grid)●NRG Energy●Baker Hughes Company●Duke Energy Corporation◐Count 11 gas_turbinesXcel Energy◐Count 5 gas_turbinesMicrosoft◐Amazon◐Alphabet (Google)◐NextEra Energy◐
GE Vernova~$44.6B revenue
▸ Money outD-Wave Quantum◐R&D & engineering (undisclosed)○components & materials · plant (undisclosed)○Workday, Inc.○
Financials & Segments
- Total revenue · ~$44.6B revenue (2026E)
- Customer concentration · Datacenter power demand pulls turbines and grid.
- Segments · Power (gas turbines) · Electrification/grid · Wind
Revenue from
- AI data centers · utilities (power generation & grid) High confidence
Supplies gas turbines and grid to AI data centers and utilities like Crusoe ($45.3B Electrification backlog) — upstream of a structure where each data center needs generation and grid first.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - NRG Energy High confidence
Project development agreement with NRG Energy for 5.4 GW of gas combined-cycle capacity plus 3.6 GW of 7HA gas turbine slot reservations, supplying turbines and equipment for NRG's data center large-load buildout.Confirms EN Utility Dive Accessed Jul 11, 2026: NRG aims for 2026 next step in 5.4-GW gas deal with GE Vernova, Kiewit - Baker Hughes Company High confidence
GE Vernova maintains a heavy-duty gas-turbine supply agreement and an aeroderivative technology supply and development agreement with Baker Hughes, but payments were not disclosed. - Duke Energy Corporation Medium confidence· Count 11 gas_turbines · April 2025 arrangement · Number of GE Vernova 7HA gas turbines that may advance under the arrangement
GE Vernova entered an arrangement to supply Duke Energy with 7HA gas turbines and associated equipment for rising generation needs, and the announced plan covers projects for up to 11 turbines.Confirms EN Duke Energy News Center Published Apr 24, 2025: Duke Energy and GE Vernova announce significant arrangement for gas turbines and associated equipment - Xcel Energy Medium confidence· Count 5 gas_turbines · 2026 strategic alliance reservation agreement · Number of GE Vernova F-class gas turbines reserved for purchase
GE Vernova signed a reservation agreement with Xcel Energy for the purchase of F-class gas turbines and also reserved wind-turbine capacity for the utility's future projects, with five gas turbines disclosed in the order and no pricing disclosed.Confirms EN Xcel Energy Newsroom Published Feb 3, 2026: Xcel Energy and GE Vernova Announce Strategic Alliance Agreement to Advance the Future of Energy - Microsoft Medium confidence
Supplies gas turbines and power equipment to Microsoft data centers — the channel for hyperscalers securing power alongside GPUs.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - Amazon Medium confidence
Supplies gas turbines and power equipment to Amazon data centers — a generation channel in the race to secure AI power.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - Alphabet (Google) Medium confidence
Supplies gas turbines and power equipment to Alphabet (Google) data centers — a beneficiary of rising on-site generation demand.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - NextEra Energy Medium confidence
Gas turbines and generation gear to the utility.
Pays to
- D-Wave Quantum Medium confidence
Uses D-Wave QCaaS/quantum annealing as a commercial customer. - R&D & engineering (undisclosed) Low confidence
Power/grid R&D.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - components & materials · plant (undisclosed) Low confidence
Turbine/generator parts and materials. - Workday, Inc. Low confidence
A customer of Workday HCM (Core HR), recorded both on Workday's newsroom customer list and in the independently compiled enterprise-software deployment database appsruntheworld. No contract value is disclosed, and appsruntheworld is an independently compiled but unverified database, so this is flagged as low confidence.Mentions KO Tech42 Published Mar 5, 2026: Workday tops $9.5B in FY2026 revenue as profitability improves amid AI investmentMentions EN Gartner (announced via PR Newswire) Published Sep 11, 2025: Workday Named a Leader in 2025 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for Tenth Consecutive Year
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +80.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | +32 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Entergy | lead2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Xcel Energy | lead2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -49.9 |
| Baker Hughes Company | lead1 | +19 | +26 | +18.6 | +23.1 | +13.4 | +40.9 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Duke Energy Corporation | lead1 | +19.1 | +2 | -1.6 | +15.6 | +12.7 | +5.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| NRG Energy | lead1 | +18.5 | -23.5 | +69.4 | +78.6 | +78.9 | -24.5 |
| GE Vernova | node | · | · | · | · | +99 | +44.4 |
| Workday, Inc. | benef1 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| D-Wave Quantum | benef1 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
GE Vernova operates across NYSE, Power & grid, Gas turbines (AI power demand). Momentum stayed firm and it is +44.4% in 2026. The stock (+44.4%) is ahead of both its demand side (avg +0.5%) and supply side (avg -22.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is D-Wave Quantum (-36.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. At the very bottom of the chain: generation and transmission.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $1,214 · Price $942.75 (09-05) · Upside +29%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Sanford C. Bernstein · Sunaina Ocalan | Outperform | $1,206 | Jun 16, 2026 | Report ↗ |
| Jefferies Financial Group · Julien Dumoulin-Smith | Buy | $1,210 | Jun 11, 2026 | Report ↗ |
| Zacks Research | Hold | — | Apr 28, 2026 | Report ↗ |
| BNP Paribas Exane · Moses Sutton | Neutral | $1,190 | Apr 27, 2026 | Report ↗ |
| Barclays · Julian Mitchell | Overweight | $1,250 | Apr 23, 2026 | Report ↗ |
Initiated coverage at Outperform, $1,206, citing a record backlog and AI-datacenter-driven power demand.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026